Subject: File No. S7-24-15
From: Al Wong

February 29, 2020

The belief that investors cannot be trusted to understand clearly disclosed risks is an unprecedented, alarming and notable departure from the bedrock principles of the capital markets and of how the SEC regulates the offering of other securities.

In using LI funds, I understand the following:

LI Funds seek daily leveraged investment results and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Index will be magnified.

LI Funds pursue daily leveraged investment objectives, which means that the Funds are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying index.

The pursuit of daily investment objectives by LI Funds means that the returns will be the product of a series of daily leveraged returns for each trading day during the relevant period. As consequence, the volatility of the underlying index may affect a Funds return as much as, or more than, the return of the underlying index. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily. The effect of compounding becomes more pronounced as Index volatility and the holding period increase.

As an investor, I also understand the following: (a) understand the risks associated with the use of leverage (b) understand the consequences of seeking daily leveraged investment results (c) for a Bear Fund, understand the risk of shorting and (d) intend to actively monitor and manage my investments.

As an investor I should be able to maintain my right to decide by myself whether I am sufficiently capable of evaluating the risks of using LI funds.